Sterling Pushed Up By Weaker U.S. Dollar, Hopes Of Brexit Deal
Sterling traded at a one-week high on Wednesday, helped by a weaker U.S. dollar and by hopes that Britain will forge a post-Brexit trade deal with the European Union in…
Sliding Dollar Steadies As Virus Worries Persist
The dollar nursed losses on Thursday following five sessions of declines as investors’ longer-term optimism about COVID-19 vaccines ran in to worries about rising infections and risks to the fragile…
Nigeria Needs 19 Million New Jobs Yearly
The Chairman of the Presidential Economic Advisory Council, Prof. Doyin Salami, has said Nigeria needs to create 19 million jobs yearly to solve the unemployment problem in the country. Salami…
Investors Gain N300bn As Equities Market Rebounds
Trading at the Nigerian equities market yesterday closed positive for the first time this week with a gain of N300 billion translating to 1.68 per cent, following buy interest in…
Rewane Foresees Bright Economic Outlook For Nigeria In 2021
The Chief Executive Officer of the Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane has predicted that Nigeria’s economy will perform better in 2021, compared with the current year. Rewane,…
Dollar Shortage Further Cracks Naira To N470
The Naira showed no sign of improvement on Wednesday as the incessant shortage of the United States Dollar at the foreign exchange (forex) market continues to crack its value at…
Nigeria:N69.4bn Debt AMCON Seizes Jimoh Ibrahim’s Properties, Freezes Accounts
The Asset Management Corporation of Nigeria has taken over 12 assets belonging to Chairman of Global Fleet Group, Jimoh Ibrahim, and frozen all his accounts over his debt which amounts…
Nigeria: Manufacturing PMI Records Expansion After Six Months Contraction
MONEY MARKET The Manufacturing Purchasing Managers’ Index (PMI) for November 2020 recorded expansion after six consecutive months of contractions (May to October 2020). However, non-Manufacturing PMI sustained negative direction while…
New York City To Close Public Schools Again As Virus Cases Rise
New York City’s entire public school system will shutter on Thursday, the schools chancellor Richard A. Carranza wrote in an email to principals, in a worrisome signal that a second…
Nigerian Stock Exchange Members Back Flotation Plan
The Nigerian bourse won approval from its members on Wednesday for a stock market flotation that will turn the exchange into a publicly traded company and position it as a…
KLM Announces Return To Nigeria In December
Stories by David Agba with agency report KLM Royal Dutch Airlines Wednesday announced it would be resuming flights to Nigeria in December according to information on its website. The airline…
Nigeria: FEC Approves Finance Bill 2020
The Federal Executive Council (FEC), presided over by President Muhammadu Buhari on Wednesday approved the Finance Bill 2020, to support the 2021 Budget. Minister of Finance, Budget and National Planning,…
Dollar Falls For Fifth Day As Vaccine Hopes Outweigh Spike In COVID Cases
The dollar slipped for a fifth straight session on Wednesday, sliding to a more than one-week low, as positive vaccine news offset the surge in coronavirus cases and tighter economic…
Yen Claws Back Ground As Looming Winter Chills Vaccine Cheer
The safe-haven Japanese yen sat near a one-week high and a steady U.S. dollar held commodity currencies in check on Wednesday, as worries about rising coronavirus cases tempered optimism around…
Nigeria’s Christians Become Target Of Genocide As International Community Remains Silent: Advocates
The religious persecution of Christians in Nigeria is teetering on genocide, religious leaders and foreign policy analysts caution in a desperate bid for the international community to take urgent action.…
COVID-19: Economic Crisis May Cause Banks To Fail Stress-Tests
The coronavirus pandemic has deeply impacted the situation in the world – especially the economic one. A lot of people were left jobless, markets crashed and in some cases, a…
This Nigerian Researcher Studies The ‘Hidden Harvests’ Of Small-Scale Fisheries
With World Fisheries Day coming up on November 21, Nigerian researcher Kafayat Adetoun Fakoya is one of a huge number of scientists studying some of the world’s smallest fishing industries,…
UK Hopes To Get A Brexit Trade Deal, Business Minister Sharma Says
Britain hopes to get a Brexit trade deal but the European Union must understand that it is now dealing with a sovereign nation, Business Secretary Alok Sharma said on Wednesday.…
Just In: Pfizer Revises COVID-19 Vaccine Efficacy Score To 95%
Pfizer, along with its German partner BioNTech on Wednesday jacked up the efficacy score of its COVID-19 vaccine from 90 to 95 percent. The new score has placed the effectiveness…
U.S. Ends Boeing 737 MAX Flight Ban After Crash Probes0
Boeing Co won approval on Wednesday from the U.S. Federal Aviation Administration to fly its 737 MAX jet again after two fatal crashes that triggered two years of regulatory scrutiny…
Oil Companies Tighten Nigeria Security As Protests, Job Losses Stoke Tension
Oil companies have asked security services to tighten surveillance as violent anti-police brutality protests and the expected sacking of hundreds of workers worsen desperation in the region, industry sources told…
Naira Gains N1.20 Against Dollar At I&E Segment
During the trading session, the local currency gained 0.31 per cent or N1.20 to quote at N384.80/$1 in contrast to N386/$1 it was exchanged at the segment on Monday. The…
Europe Is Planning Its Very Own E-Currency
The European Central Bank appears serious about a digital euro. Barely a month after the central bank issued a major report on the topic, and opened a public consultation, President…
How Nigeria’s New Banks Law, BOFIA, Will Impact Financial Sector
In assenting into law of the BOFIA 2020, President Muhammadu Buhari said the new legislation represents a “monumental piece of legislation expected to enhance the soundness and resilience of the…
Naira Devaluation Pushes FAAC Disbursement To N2trn In Q3 — Highest In 2020
This is contained in the quarterly review report released by the Nigeria Extractive Industries Transparency Initiative (NEITI) on Tuesday. A breakdown showed that the federal government received N812.22 billion, N676.5…
Nigeria: ‘FCT Will Demolish More Buildings’
THE Federal Capital Territory (FCT) Department of Development Control (DDC) said Abuja residents should be ready for more demolitions, to remove infractions of the Abuja master plan. This is in…
Interest In Euro As A Reserve Currency Growing – ESM CFO
Interest in the euro as a reserve currency is growing and the single currency is increasingly being viewed as an alternative to the U.S. dollar, the chief financial officer and…
Profit Taking Shrinks Nigeria Bourse Into Red Zone As Investors Take Bearish Posture
Profit-taking in Nigeria’s domestic equities market saw investors maintain their bearish stance on Tuesday as sell-offs in the large-cap counters such as Dangote Cement (-6.5%), Nestle Plc (-3.5%) and Nigerian…
$30b Fuels Import Outlay Present Energy Security Challenges
Industry stakeholders, yesterday, expressed concerns over the state of Nigeria’s petroleum downstream and of other African countries in the face of emerging global issues. With over $30 billion yearly import…
FX May Be A Better Hedge Than Bonds In A Near-Zero World
Bonds aren’t quite the hedge against equity losses that they used to be, and that could have more and more investors looking for answers in the foreign-exchange market. With interest…